FirewoodFX Review

Based on the island of St Vincent and The Grenadines, FirewoodFx is an online forex trading platform brand that is owned by Firewood Global Ltd. Newly established, they aim to provide their traders with a fulfilling trading experience as well as increased profitability with their advanced MetaTrader 4 (MT4) trading platform and ultra tight spreads.

With 4 digit pricings, low minimum trading volume and fixed spreads starting from 1 pip, FirewoodFx aims to reach every level of traders especially those who want the flexibility of efficiently managing their limited trading capital.

Trading Platforms

For access to the currency market, FirewoodFX uses the MetaTrader 4 (MT4) as the mainstay of their trading platform. The reason choosing the MT4 is an obvious choice as this is simply the best trading platform around. With more than 50 different kinds of indicators and full charting package, it is no wonder that many traders find the MT4 indispensible.

Developed by MetaQuotes in 2005, the MT4 client is Microsoft Windows compatible. The trading application itself uses the MQL4 proprietary scripting language. This allows traders to develop their own Expert Advisors (EAs) which can be used to automate their trading process.

To support traders who prefer to trade on their smartphones or mobiles devices, FirewoodFX has also made available versions of MT4 platform which are compatible on devices running on iOS and Android.

Account Types

To facilitate the trading activities of traders, FirewoodFx have provided their traders with the choice of 2 types of trading accounts, Standard and Premium.

• Standard Trading Account

This type of trading account is most suited to beginner traders. It requires a minimum initial deposit of $10 to open. Minimum trade size is 0.01 lot. Maximum trading size is up 5 lots.

• Premium Trading Account

For the more experienced traders, they can opt for this type of trading account. The minimum deposit requirement is slightly higher requiring a minimum of $100 to be deposited before traders can start trading. Minimum trade size is also higher at 0.1 lot. The minimum trade size permitted with this type of trading account is 50 lots.

As FirewoodFx, services are geared towards small retail traders, scalping and hedging are permitted by the broker. The use of EAs is also allowed here.

Commission & Spreads

As for the spreads payable at FirewoodFx, the spreads are fixed and they start from 2 pips for the standard account and 1 pip for premium account holder.

Customer Support

Trading support at FirewoodFx is available in the form of email, live chat and the telephone. For China, Philippines and Indonesia, email support is also available on a regional level.

Pros

• 20% Deposit Bonus Available
• Fast & Efficient Execution
• Flexible Trading Conditions
• High Leverage Rate at 1:1000
• Islamic Trading Account Facility
• Low fixed spreads
• Mobile Trading Supported

Cons

• Lack of Alternative Trading Platforms
• No ECN Account
• No Toll Free Numbers Provided for Support Services

Conclusion

While the services provided by FirewoodFx are nothing extraordinary, they are undeniably trader friendly. This falls in line with their corporate philosophy making their services accessible to every level of traders regardless of whether one is a novice or experienced trader.